Prior to the Taxpayer Relief Act of 1997, Congress forbid the use of almost all types of precious metals in IRAs. The only precious metals Americans were allowed to own directly within IRA accounts were U.S.-minted American Eagle gold and silver coins.

The federal Thrift Savings Plan (TSP) has been a great way for military and federal employees to set money aside for retirement – at a very low cost. But there’s one big problem: It’s not diverse enough.

Generally, the rules concerning IRA transactions for gold IRAs are the same for other kinds of IRAs. There are some rules that apply specifically to gold and other precious metals in IRAs that are not applicable to other IRAs, such as purity and storage requirements. However, this post will focus on the tax rules that apply to the most common IRA transactions.

Prior to the election, many writers and political analysts expected that Biden would likely win the White House. It was also ‘expected’ that the Democrats would remain in control of the House of Representatives, and that their power would be checked by continued Republican control of the Senate.